In what must have been an adroit feat of investment banking diplomacy, Boston's Provident Healthcare Partners has closed a recapitalization deal for Correct Care Solutions, the Nashville-based prison health care provider jointly owned by Preston Ingram and Scott Sohr.
Audax Group, also based in Boston, is the source of the recap funding. Terms of the transaction were not disclosed.
Entrepreneurs Sohr and Ingram, you may recall, are embroiled in litigation at Davidson Chancery over the fallout from a soured homebuilding venture that left them on the hook together for $100 million in debt. One of Ingram's claims is that Sohr should have to undo the 2007 transfer of $17 million worth of Correct Care stock to a personal trust.
Asked whether a settlement made the deal possible, Ingram attorney Gino Bulso of Leader, Bulso, Nolan & Burnstein responded: "The sale does not represent a resolution of any of the claims pending before Chancellor McCoy." Scott Sims of Walker, Tipps & Malone, representing Sohr, concurred with that assessment.